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Crisis: Greece, EIB approves local SME funding

(ANSAmed) - ATHENS, JUNE 12 - Greek caretaker Development
Minister Yiannis Stournaras confirmed on Monday that the
European Investment Bank (EIB) has approved the release of
funding for the activation of the Guarantee Fund for Small and
Medium-Sized Enterprises, following a phone conversation with
the EIB administration. However, as daily Kathimerini reports,
the EIB has only approved half of the budget provided for by the
relevant agreement with Athens, as it decided to disburse just
500 million euros for the fund in this first phase of the
program. Only once this amount has been fully absorbed will the
EIB proceed to the second phase with the disbursement of the
other 500 million. Separately, Stournaras sent a letter to
France's Finance Minister Pierre Moscovici on Friday asking the
French state to help in the insurance of export credit. There
had had been no response from Paris by late on Monday.

Stournaras made the move after French credit insurance company
Coface announced its decision to stop signing new contracts for
insuring exports to Greece due to its plan to gradually pull out
of the Greek market. (ANSAmed).